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Viventures II, the â¬300m ($360m) venture capital fund formerly owned by Vivendi Universal, is up for sale for the second time in less than two years in a transaction that is set to make its owners a â¬50m capital gain.

Vivendi sold the management company of Viventures II to Global Asset Capital, a US venture firm, at the beginning of 2003 in a transaction that triggered a string of lawsuits from disgruntled investors.

At the time of the sale a group of institutions representing more than half the investor base in Viventures II attempted to have the fund liquidated to avoid having to meet their commitments for the 75% of the fund that had not been invested.

In November last year, after a protracted legal battle, the group of investors, including Albert Frère, Euris, SGAM, Rothschild and Eurazeo, agreed to forfeit the 25% of the fund that had already been invested in return for not putting any more capital into Viventures II.

When the investors defaulted the net asset value of the 15 investments in Viventures II stood at €40m. The holding company that acquired the defaulting investors’ stake in the fund paid a nominal fee for a 55% stake valued at €22m.

Campbell Lutyens, a UK placement agent and private equity adviser, has won the mandate to sell the assets of Viventures II.

The information memorandum for the sale of the Viventures II portfolio values the assets at €100m and would generate a stunning return for the owners of the 55% stake.

A source familiar with the Viventures fund, said: “The new management team has brought about a significant refocusing of the portfolio, which had almost been written off only 18 months ago.”

Six secondary buy-out houses are understood to be mulling offers for the assets.